It is enacted by the General Assembly as follows:

SECTION 1. Sections 1, 2, and 3 of the Chapter 482 of the Public Laws of 1988 entitled "An Act Relating to the Exemption and Assessment of Real and Ratable Tangible Property in the city of Woonsocket" are hereby amended to read as follows:

Sec. 1. {ADD Homestead exemption for the city of Woonsocket. ADD} Notwithstanding any other provisions of the general or special laws to the contrary, the city of Woonsocket is hereby authorized to fix the amounts of the exemptions with respect to assessed value from local taxation on taxable "residential real property" in the city of Woonsocket as defined below and to grant a homestead exemption to such residential real property in a percentage amount of assessed value to be determined from time to time by ordinance of the city council. "Residential real property" shall be as defined from time to time by ordinance of the city council.

Sec. 2. {ADD Assessment of ratable tangible property. ADD} The city of Woonsocket may assess ratable tangible property at its full and fair cash value, not to exceed one hundred percent (100%), in the same manner said city of Woonsocket assesses motor vehicles.

Sec. 3. {ADD Severability. ADD} The invalidity of any section or sections or parts of any section or sections shall not effect the validity of the remainder of the act.

SECTION 2. There shall be submitted to the qualified electors of the city of Woonsocket at the next general election, for their approval of the following question: "Shall an act be passed by the general assembly at its 1994 session, entitled 'An Act Relating to the Exemption and Assessment of Real and Ratable Tangible Property in the City of Woonsocket' be approved?" and the board of canvassers shall certify the results of said election to the secretary of state.

SECTION 3. This section and Section 2 of this act shall take effect upon passage, and the remaining sections of this act shall take effect when the board of canvassers shall certify to the secretary of state that a majority of the qualified electors voting upon the question contained in Section 2 shall have voted to approve the same.